Common use of ORGANIZATION STATUS AND AUTHORITY Clause in Contracts

ORGANIZATION STATUS AND AUTHORITY. (a) (i) Each of Borrower and the Members is a limited liability company duly organized, validly existing and in good standing under the laws of the State of New York; (ii) Each of Borrower and the Members has the power, authority and legal right (w) to own and operate its properties and assets, (x) to carry on the business now being conducted and proposed to be conducted by it, (y) to execute, deliver and perform its obligations under the Building Loan Documents to which it is a party, and (z) to engage in the transactions contemplated by the Building Loan Documents to which it is a party; (iii) all Building Loan Documents have been duly authorized, executed and delivered by all necessary parties on behalf of Borrower and each Member, to the extent a party thereto; and (iv) each of Borrower and the Members possesses all rights, licenses, permits and authorizations, governmental or otherwise, presently necessary to entitle it to own its property and to transact the businesses in which it is now engaged, and its sole business has been and is the ownership of the Mortgaged Property (in the case of Borrower) or a membership interest in Borrower (in the case of each Member).

ORGANIZATION STATUS AND AUTHORITY. (a) (i) Each of Borrower and the Members is a limited liability company duly organized, validly existing and in good standing under the laws of the State of New York; (ii) Each of Borrower and the Members has the power, authority and legal right (w) to own and operate its properties and assets, (x) to carry on the business now being conducted and proposed to be conducted by it, (y) to execute, deliver and perform its obligations under the Building Project Loan Documents to which it is a party, and (z) to engage in the transactions contemplated by the Building Project Loan Documents to which it is a party; (iii) all Building Project Loan Documents have been duly authorized, executed and delivered by all necessary parties on behalf of Borrower and each Member, to the extent a party thereto; and (iv) each of Borrower and the Members possesses all rights, licenses, permits and authorizations, governmental or otherwise, presently necessary to entitle it to own its property and to transact the businesses in which it is now engaged, and its sole business has been and is the ownership of the Mortgaged Property (in the case of Borrower) or a membership interest in Borrower (in the case of each Member).